Oracle has named Clay Magouyrk and Mike Sicilia as co-CEOs, replacing Safra Catz, who will become executive vice chair on the board.

Larry Ellison will stay on as Oracle’s board chairman and chief technology officer.

Magouyrk, previously president of cloud infrastructure, and Sicilia, who led industry applications, both played key roles in Oracle’s AI and cloud business.

Shares of Oracle rose 3% on September 22 morning, and the stock is up about 85% year-on-year.

The company reported a surge in contracted revenue, with remaining performance obligations reaching US$455 billion, up 359% from a year earlier.

Oracle also announced that Mark Hura will become president of global field operations, while Doug Kehring will take over as principal financial officer.

Oracle remains involved in the ongoing US negotiations around TikTok, with the company set to maintain TikTok’s data and privacy in the US as part of an investor consortium.

🔗 Source: CNBC

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